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Small business owners preparing to open or switch to a new business current account can now do so more easily, as account providers now require the same basic set of information from new customers.
The streamlined checklist is included in a new online guide launched by UK Finance, providing the essential details and documents that most businesses will need to open an account, so those applying can be ready for their first bank meeting.
UK Finance has worked with business bank account providers to agree the basic set of information that each bank needs from new customers to help them open or to switch a business current account.
Any small businesses wanting to open or to switch a UK business current account can now search ?Business Account Checklist? on their chosen bank's website to access the guide or find it on the UK Finance site here.
The Competition & Markets Authority (CMA) identified that the account opening process was a barrier to switching for some small and medium-sized businesses in its investigation into the retail banking market. To address this issue, UK Finance developed the new online guide which helps to standardise and simplify the information required to open or switch to a new business current account, in association with business 18 bank account providers operating in the UK.
The new guide is not part of the application process but is a checklist to help customers prepare themselves to open a business current account. While it contains the essential questions that all banks will most likely ask, the chosen bank may ask for more information, either for regulatory purposes or if customers need other products and services (such as an overdraft).
The guide will be most helpful to new or existing business that:
The 18 business current account providers are:
Allied Irish Bank (GB)
Bank of Ireland
Bank of Scotland
Barclays Bank
Clydesdale Bank
Danske Bank
First Trust Bank
Handelsbanken
HSBC UK
Lloyds Bank
Metro Bank
NatWest
Royal Bank of Scotland
Santander UK and Cater Allen
The Co-operative Bank
TSB Bank
Ulster Bank
Yorkshire Bank
Small business owners preparing to open or switch to a new business current account can now do so more easily.
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